(Cochrane, AB) – Cochrane property owners can anticipate receiving their 2023 property assessment notice in their mailbox within the next week. This year, the average residential single-family assessment increased by 13.21%; the average non-residential assessment increased by 6%.
The 2023 assessments are based on the market conditions of July 1, 2022, and the physical condition of the property as of December 31, 2022.
“Similar to our municipal neighbours, Cochrane continues to experience a competitive real estate market,” explained Gail Butz, Manager of Assessment and Tax, Town of Cochrane. “With this increase, an average residential single-family property in Cochrane is now assessed at $561,200, an increase from the 2022 average single-family property assessment of $495,700.”
"Two factors contribute to increases or decreases in annual property taxes: change in assessed value of a property relative to the average change, and change in the total amount of property taxes the municipality needs to collect," says Katherine Van Keimpema, Executive Director of Corporate Services, Town of Cochrane. "This year Cochrane needs to collect 3.7% more in taxes than in 2022. Assessment values that increased by the same amount as the average value change should anticipate a 3.7% increase in municipal property taxes. If your property's value changed less than the average change but by more than 3.7%, then your portion of property taxes will decrease. For properties whose value changed more than the average, their portion of tax allocated will increase by this difference plus 3.7%. Changes in the amount of education taxes set by the Province and the requisition to support seniors’ housing set by the Rocky View Foundation will also impact the total taxes payable. "
Property assessments are prepared annually using mass appraisal techniques, which determine property values by grouping similar properties at a specific point in time. Assessments do not reflect a single sale price; rather they show typical market value on the same date each year.
Assessment notices are mailed January 20, 2023, followed by a 60-day review period, allowing property owners to review their assessment and discuss any questions or concerns before property taxes are calculated.
During the 60-day review period, property owners can compare their new assessment to the previous year’s market value and the assessment of similar neighbouring properties using tools on Cochrane.ca/assessment. Any questions or concerns about individual assessments can be directed to the Assessment department. Property owners who are not satisfied with their assessment after discussing it with an assessor, may file a formal complaint with the assessment review board and have the assessment reviewed. A formal complaint can only be submitted within the 60-day customer review period ending March 31, 2023.
Annual property assessments are integral to Cochrane’s property tax process. Knowing how property assessments work and how they are prepared can help property owners anticipate their tax share, well before tax bills are mailed in May 2023.
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Assessment increases will vary by neighborhood and by property type. When Council sets the tax rate in May, the rate may change slightly as a result of the increased assessment values. The tax rate reflects the amount of taxes required to support Cochrane’s budget. With the increase in assessments, a smaller tax increase may be sufficient. Those details will be determined in May when Council sets the 2023 tax rate.
Property taxes make up $35M of the total Cochrane budget. The provincial education requisition is determined by Alberta Municipal Affairs in April.
Due to processing delays at the Province of Alberta Land Titles Office, ownership and mailing address changes may not be reflected on the owner on title at the time of mailing. Assessment notices are mailed to the owner on title at the time of mailing. If you do not receive an assessment notice you can go online to view the assessments at Cochrane eServices.
For more information, visit Cochrane.ca/assessment.